Ethereum (ETH) launched a drop from the $ 245 resistance against the US Dollar. ETH price is currently rising, but increases are expected to remain around $ 238 and $ 240.
The ETH price is facing a strong resistance near $ 240 and an average moving average of $ 100 (4 hours). According to popular analyst Aayush Jindal, the bears will remain in control as long as the price is below $ 240. There is a significant bearish trend line formed with resistance near $ 240 on the 4-hour ETH / USD chart. The pair may continue to drop towards the $ 225 and $ 220 levels in the near term.
Can Fight $ 240
Last week, Ethereum fell below the $ 240 and $ 238 support levels against the dollar. ETH price fell below the $ 236 level and 100 simple moving averages (4 hours). The cryptocurrency traded as low as $ 230, while it experienced a minor increase. Leading altcoin was trading at $ 234 at the time of writing.
In ETH, the price faces a strong resistance of around $ 240 and a 100 simple moving average (4 hours). There is also a significant bearish trend line formed with resistance near $ 240 on the 4-hour chart of ETH / USD.
The 100 SMA is close to the 50% Fib retracement level of the recent drop from $ 245 to $ 230. Therefore, a break above the $ 236 and $ 240 levels will not be easy. If the bulls succeed, the price could move to an uptrend above $ 240. The next big resistance is close to the $ 245 level, where the bulls are likely to launch a larger rise towards the $ 255 and $ 262 levels in the coming days.
Will there be more losses in ETH?
If Ethereum cannot continue above the $ 236 and $ 240 resistance levels, more possibilities of loss will arise. In the second place, the first major support in the cryptocurrency is close to the $ 230 level. The next big boost is at $ 224, where the bears will target a strong downtrend below the $ 220 support level.
4-hour MACD: For ETH / USD, the MACD is losing momentum in the bull zone.
4-hour RSI: The RSI for ETH / USD is currently just below the 50 level.
Major Support Level: $ 230
Major Resistance Level – $ 240